Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan, Assumable Loan
  • Cap Rate: 10.3%
  • Property ID: 1583018
  • Posted On: Jan 8, 2022
  • Updated On: Jan 10, 2023

Property Description

This is an 18 space mobile home park with 10 boat slips. The mobile home park is waterfront on Clearlake. The park has an existing LR building that isn't used right now and great potential for someone to come in and maximize the cashflow. The opportunity here is in two vacant park owned mobiles, utility pass-thru and the management. The current owner just was not able to put the time into managing this asset like he wanted to originally, leaving the property potential untapped. It needs an active operator to just straighten out the dents and clean it up to reach its potential. Filling the two vacant and passing thru utilities will bring the park over a 10% Cap.

Location

On Clearlake

Amenities

  • Laundromat
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Park Information

Community Type: All Age
Number of MH Lots: 18
Total Occupancy: 94.0 %
Average MH Lot Rent: $465
Size: 1 acre(s)

Financial Information (Actual)

Gross Income $115,354
Operating Expense $53,849
Net Operating Income $61,505
Expense Ratio 46.7 %
Debt Info

Lot Information

Singlewide Lots: 18

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 0

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